Dayang to buy 40pc of Borcos for RM132m

Dayang Enterprise Holdings Bhd, a Malaysian oil and gas services provider, said it plans to buy 40 per cent of Syarikat Borcos Shipping Sdn Bhd for RM132 million (US$38 million) to expand in the marine transportation business.

“Through this acquisition, Dayang can participate in the growth of a leading marine transportation and support services company,” Dayang managing director Tengku Yusof Tengku Shahruddin said in a statement today. The acquisition will give Dayang, which provides offshore maintenance services, access to a fleet of 33 marine vessels with a “substantial” market share in Malaysia and a “presence” in the Middle East, the company said.

Borcos also has six more vessels due to be delivered before the end of the year, Dayang said. Borcos has two offshore support vessels being built for delivery in 2011. Both Dayang and Borcos are based in Sarawak. Dayang, which has an order book of RM700 million, also plans to bid for about RM2 billion of contracts over the next year, the company said